Future Retail a “proper party” to ongoing Amazon dispute, Singapore panel rules

The Singapore International Arbitration Centre (SIAC) has ruled that Future Retail NSE -3.92 % Ltd (FRL) is a “proper party” to the ongoing arbitration between Amazon and Future Coupons Pvt Ltd (FCPL) over Future’s plans to sell its assets to Reliance NSE -1.83 % Retail, according to a person familiar with the development.

FRL had been arguing that it has not singed any agreement with Amazon and had maintained that it was FCPL that had signed a shareholder agreement with the US giant while Amazon in 2019 invested about Rs 1,400 crore into FCPL that own about 9.8% in FRL.